The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Bosideng International Holdings Ltd shares fell the most on record after a short seller report questioned the company’s accounting practices.
Hong Kong-listed Bosideng overstated its revenue and profit, according to a note published on Monday by Bonitas Research. The stock fell as much as 28 percent before being suspended. Bosideng said in a statement that the report contains “untrue and misleading information,†without providing more details.
Short sellers have in recent years zeroed in on Hong Kong stocks. The city, the world’s fourth-biggest equity market by value, has seen several corporate governance blow ups, with companies losing 90 percent of their value in a single day.
Bonitas, founded by Texas-based short-seller Matt Wiechert last year, has previously published short reports on Hong Kong stocks including Chong Sing Holdings FinTech Group Ltd and Hengan International Group Co.